Revitalized neighborhood anticipated in Tifton, GA with the submittal of plans for the construction of Tifton Estates a single family rental home redevelopment project

Twenty-eight, 1940s era rental homes will be razed to make way for the construction of Tifton Estates in Tifton, GA, a new 34-unit, three- and four-bedroom, single-family, rental-home community to be developed by Hammond Development.  The project calls for the infill redevelopment of a residential community located between city and county public housing communities.  Hammond Development has submitted an application to the Georgia Department of Community Affairs for state and federal 2008 Low Income Housing Tax Credits.  With approval of funding, the project is scheduled to start construction early in 2009.

Georgia DCA selects Blakely Commons, Magnolia Terrace II, and Pecan Grove II for 2007 housing tax credit

(10/18/2007)

Stephen M. Munier joins HDi as a Senior Project Manager and Equity Partner in Bridgeland Development

(10/18/2007)

The Federal Home Loan Bank selects Blakely Commons for $500,000 AHP Grant

Blakely Commons, and proposed 64-home subdivision in Blakely, Georgia, was selected for a $500,000 Affordable Housing Program Grant. SunTrust Bank is the Member Bank and Hammond Development and RHA/Housing are co-sponsors. The grant represents a small part of the overall funding plan for Blakely Commons, which also includes Federal and Georgia housing credits and a conventional loan with a USDA 538 guarantee.

(07/13/2007)

DCA HOME and Washington Mutual Permanent Loans Convert at Pinewood Park

Pinewood Park, a 148-unit apartment complex in Macon, Georgia, reached its final development milestone of loan conversion. The project has been very successful in terms of schedules and budgets as well as market acceptance. Pinewood Park serves a vital need for affordable rental housing in Macon-Bibb County and would have not been possible without the assistance and support of the Georgia Department of Community Affairs, the Macon Housing Authority, its lender and investors, joint-venture partners, and city and county government departments and officials.

(July 2007)

Three Applications Submitted for Federal and Georgia Housing Credits in 2007 Competitive Round

HDi submits three applications for 2007 housing credits: Blakely Commons, Magnolia Terrace II, and Pecan Grove II. Blakely Commons is a proposed 64-home subdivision in Blakely, Georgia. Magnolia Terrace II is a 36-unit apartment complex adjacent to it's Phase 1- 50 units in Fort Valley, Georgia. Pecan Grove II is an application for additional credits for the under-construction, 64-home subdivision in Waynesboro, Georgia.

(05/04/2007)

Construction begins on Pecan Grove, Phase II

Phase II of the Pecan Grove Subdivision will consist of 44 three-bedroom and 20 four-bedroom homes on a 22-acre site in Waynesboro, Georgia. Financing was provided by the Federal Home Loan Bank, SunTrust Bank, National Equity Fund, and Affordable Equity Partners. Site construction is being performed by The Paradigm Group and the homes are being constructed by Horton Homes and Ritchie & Associates. Completion is scheduled for December 2007. Phase II will expand the Pecan Grove subdivision to 104 homes in total. Special thanks go out to the city staff and leaders, the Griffin family, our investors and lenders, and the numerous attorneys, engineers, and professionals that worked tirelessly to make this project a reality.

(04/13/2007)

Industry Veteran Richard Lisska Joins HDi

We are very pleased to welcome Richard "Dick" W. Lisska to Hammond Development as Asset Manager. Dick has almost 30 years experience in real estate, having started his real estate career with Johnstown American Companies in Atlanta where he rose in ranks to Vice President of Asset Management. Other positions includes Section Chief with the FDIC, Asset Manager with the Related Management Companies, and Regional Property Manager with Lincoln Property Company and AIMCO. Richard holds a MBA from Georgia State University in Finance.

(03/26/2007)

Pinewood Park and The Park at Mt. Zion wrap up construction

A substantial completion certificate was issued for Pinewood Park in November 2006 and for The Park at Mt. Zion (fka/ Provence Place) in December 2006. Both projects were completed on budget. The Park at Mt. Zion was completed on schedule as well, while Pinewood Park achieved 100% occupancy in November.

(01/04/2007)

Magnolia Terrace, Phase II, receives a $300,000 AHP Grant from the Federal Home Loan Bank

The AHP Grant is one step towards a successful 2007 application for housing tax credits. Magnolia Terrace did not receive a funding allocation in the 2006 tax credit round due partially to not receiving the AHP Grant in 2006 . The project will consist of 36 units adjacent to the existing 50-unit Phase I.

(01/04/2007)

Georgia DCA selects Pecan Grove Homes for housing tax credit awards

Both Pecan Grove Homes Phase I and Phase II received an allocation of 2006 housing credits. Pecan Grove I consists of 40 three-bedroom homes, which were completed and leased in mid 2006. The additional tax credits will allow for additional improvements to the project and stronger financing. The project is currently 100% occupied. Pecan Grove II will consist of three- and four-bedroom homes totaling 64 on an adjacent site. The project is expected to break ground in January 2007 and be completed by December 2007.

(10/03/2006)

Magnolia Terrace, Phase II, misses cut in 2006 competitive round

Unfortunately, Phase II of Magnolia Terrace did not receive a funding allocation in the 2006 tax credit round. The project would have consisted of 36 units adjacent to the existing 50-unit Phase I. The project passed market and other threshold requirements but lost points during the scoring process and did not make the cut. This was primarily due  to not receiving the AHP grant from the Federal Home Loan Bank. HDi intends to reapply for 2007 credits and bring this much needed project to the residents of Fort Valley and has already taken steps to shore up points for 2007. HDi reapplied for the AHP grant in September 2006.

(10/03/2006)

HDi finishes construction and lease-up of Pecan Grove Homes

Pecan Grove Homes consists of 40 single family homes in Waynesboro, Georgia. Construction was completed in July 2006 by the Paradigm Group and Ritchie & Associates and the project reached 100% occupancy in August 2006. Leasing and management are handled by Community Management Services.

(09/11/2006)

HDi restarts development of Pecan Grove Homes, Phase I

Pecan Grove Homes consists of 40 single family homes for rent in Waynesboro, Georgia. The project was originally awarded housing credits in 2002, but with permission the credits were swapped in 2005. The project stalled in January 2006 when funding ran out. Working with the Georgia DCA, National Equity Fund, Regions Bank, and Community Development Trust, HDi orchestrated a replacement of the General Partner and became the developer of record. Construction and lease-up are expected to be achieved in June 2006.

(05/15/2006)

Three applications for 2006 Housing Tax Credits submitted in Georgia

Working with nonprofit partners, HDi submitted three applications in Georgia. HDi will serve as developer of record for each, while the nonprofit will be the General Partner. Applications submitted were for 36 units of family housing in Fort Valley, Georgia, 64 units of single family rental housing in Waynesboro, Georgia, plus an application for additional credits on 40 units of soon-to-be-complete single family homes in Waynesboro, Georgia. Each project will be financed with an AHP Grant from the Federal Home Loan Bank, syndication of federal and state low-income housing tax credits, and a conventional loan.

(05/15/2006)

Provence Place Apartments given new life as renovation restarts

Park-Hammond Developer, LLC, working in collaboration with the Georgia Department of Community Affairs, AmSouth Bank, and MMA Financial, issued Notice to Proceed to Empire Construction of Tennessee and the The Paradigm Group to begin renovation of the Provence Place Apartments. Provence Place was acquired by PRS/Foundation Development in 2004 and construction stalled in 2005 with the demise of PRS. The project consists of the acquisition and substantial rehabilitation of 193 units in two and three-bedroom floor plans. Located along Mount Zion Road in Jonesboro, the project is conveniently located within minutes of a major mall and shopping district at Mount Zion Boulevard and Interstate 75. Ambling Management Company will handle leasing and management.

(03/09/2006)

Fire destroys Jordan Mills complex

According to news reports, a fire burned through the mill complex on October 23, 2005; the cause of the fire is under investigation. Based on our inspections, few structures are salvageable and we have already begun looking at proceeding with the project with new construction under similar financing sources. Presently, we are working with the Georgia Department of Community Affairs to hold on to our 2005 reservation.
 

(11/22/2005)

HDi explores role in Provence Place Apartments in Jonesboro, Georgia

HDI, in partnership with Park Development under the Park-Hammond Developer operating entity, is working with AmSouth Bank to finish construction and lease-up of Provence Place Apartments. Provence Place was acquired by PRS/Foundation Development in 2004 and construction stalled in 2005 with the demise of PRS. The project consists of the acquisition and substantial rehabilitation of 193 units in two and three-bedroom floor plans. Located along Mount Zion Road in Jonesboro, the project is conveniently located within minutes of a major mall and shopping district at Mount Zion Boulevard and Interstate 75. If approved, Park-Hammond and its principals would replace the Developer and General Partner entities.

(11/22/2005)

Final source of funding secured for Jordan Mills

Jordan Mills was one of 34 projects selected by the Georgia Department of Community Affairs for housing tax credit funding as part of the 2005 competitive round; forty-nine projects applied. This is the final anticipated funding source, which will include a Federal Home Loan Bank AHP Grant, a conventional loan, and equity raised from the sale of state and federal housing tax credits and historic tax credits. When complete, Jordan Mills will provide homes to 101 households aged 55 years and older. HDI will co-develop the project with Affordable Housing Solutions, Inc., which will also be the sole non-profit General Partner. We are grateful for the opportunity that the DCA has provided us to bring high quality housing to Columbus' seniors.

(10/05/2005)

HDI starts construction on Pinewood Park Apartments

Pinewood Park is a proposed 148-unit, family project to be constructed on the western edge of Macon, Bibb County, Georgia. Hammond Development, Inc., received a housing credit award in September 2004 and permits in April 2005; construction began in June 2005. Additional sources of funding include a conventional loan and a state HOME loan. The Housing Authority of the City of Macon will provide rental assistance to 30 units. Once complete, the project will feature one, two, and three-bedroom apartment homes, a community building with a business center, fitness center, children's activity room, and laundry, a playground, and picnic and barbecue areas. The location in Macon, Bibb County is excellent with convenient access to Interstates 75 and 475.

(08/05/2005)

Jordan Mills Senior Apartments receives notice of partial funding award

Jordan Mills is a former cotton spinning mill first constructed in 1906 in the Jordan City/Waverly Terrace neighborhood of Columbus, Georgia. At present, the complex consists of about 275,000 square feet on seven acres. Hammond Development, Inc., rezoned the complex in April 2005 for Apartments with a Mill Overlay for the purpose of developing a 101-unit senior housing project. When complete, the site will retain about 150,000 square feet of buildings, which will be converted into residential and community space using housing and historic credits, an AHP grant, and a conventional loan as the primary sources of funding. In July 2006, the Federal Home Loan Bank of Atlanta selected Jordan Mills as a funding recipient. New of the final and major funding piece, housing tax credits, is expected to be known in September 2005. The groundbreaking is scheduled for April 2006.

(08/05/2005)

Pinewood Park, West Macon, GA

Pinewood Park is a proposed 148-unit unit family project to be constructed in West Macon, Bibb County. Hammond Development, Inc., received a housing credit award in September 2004 and permits in April 2005. Additional sources of funding will include a conventional loan and a state HOME loan. Once approved, the Housing Authority of the City of Macon will provide rental assistance to 30 units. The project is in the last stages of underwriting and is expected to break ground in May 2005. Once complete, the project will feature one, two, and three-bedroom apartment homes, a community building with a business center, fitness center, children's activity room, and laundry, a playground, and picnic and barbecue areas. The location in Macon, Bibb County is excellent with convenient access to Interstates 75 and 475.

(04/26/2005)

Jordan Mills, Columbus, GA

Jordan Mills is a former spinning mill first constructed in 1906 in the Jordan City/Waverly Terrace neighborhood of Columbus, Georgia. At present, the complex consists of about 275,000 square feet on seven acres. Hammond Development, Inc., rezoned the complex in April 2005 for Apartments with a Mill Overlay for the purpose of developing a 101-unit senior housing project. When complete, the site will retain about 150,000 square feet of buildings, which will be converted into residential and community space using housing and historic credits, an AHP grant, and a conventional loan as the primary sources of funding. The groundbreaking is scheduled for April 2006.

(04/26/2005)